Headline: Sui’s Hashi lines up $500M+ in partner commitments and Anchorage as launch partner ahead of October mainnet
Sui is staking a claim in the next round of Bitcoin lending competition — but not by building on a Bitcoin-native chain. Its new infrastructure project, Hashi, aims to let institutions use BTC as collateral inside on-chain financial products on Sui, and the team says more than $500 million in partner capital commitments has already been secured.
Announced on October 8, Hashi has attracted commitments from a coalition of over 20 partners. Among them, Anchorage Digital will participate as a launch partner, offering institutional access through custody-based arrangements as well as a self-custody option — an important signal for firms that can’t or won’t rely on the same wallets and flows used by retail DeFi traders.
At the protocol level, Hashi introduces a Bitcoin collateral representation called hBTC. Under Hashi’s design, Bitcoin is locked via custody and protocol arrangements off-chain, while hBTC is minted on Sui to represent the economic value of those deposits. That hBTC can then be used in lending markets and other applications on Sui; when positions are closed and assets redeemed, the corresponding hBTC is burned.
Two important caveats are worth noting. First, the headline “more than $500 million” refers to partner capital commitments — pledges of capital — not to $500 million already borrowed or deployed on-chain. Second, any cross-network Bitcoin representation carries custody, cryptographic and operational assumptions; it’s not automatically risk-free or fully trustless simply because Bitcoin value is represented on another chain.
Hashi is expected to begin a phased mainnet rollout later in October. That rollout will be the real litmus test: whether launch partners convert announcements and capital pledges into visible, sustained borrowing, liquidity and on-chain activity. If they do, Hashi could become a prominent institutional bridge for BTC liquidity on Sui; if they don’t, the commitments will look a lot more like intent than impact.
Sui is staking a claim in the next round of Bitcoin lending competition — but not by building on a Bitcoin-native chain. Its new infrastructure project, Hashi, aims to let institutions use BTC as collateral inside on-chain financial products on Sui, and the team says more than $500 million in partner capital commitments has already been secured.
Announced on October 8, Hashi has attracted commitments from a coalition of over 20 partners. Among them, Anchorage Digital will participate as a launch partner, offering institutional access through custody-based arrangements as well as a self-custody option — an important signal for firms that can’t or won’t rely on the same wallets and flows used by retail DeFi traders.
At the protocol level, Hashi introduces a Bitcoin collateral representation called hBTC. Under Hashi’s design, Bitcoin is locked via custody and protocol arrangements off-chain, while hBTC is minted on Sui to represent the economic value of those deposits. That hBTC can then be used in lending markets and other applications on Sui; when positions are closed and assets redeemed, the corresponding hBTC is burned.
Two important caveats are worth noting. First, the headline “more than $500 million” refers to partner capital commitments — pledges of capital — not to $500 million already borrowed or deployed on-chain. Second, any cross-network Bitcoin representation carries custody, cryptographic and operational assumptions; it’s not automatically risk-free or fully trustless simply because Bitcoin value is represented on another chain.
Hashi is expected to begin a phased mainnet rollout later in October. That rollout will be the real litmus test: whether launch partners convert announcements and capital pledges into visible, sustained borrowing, liquidity and on-chain activity. If they do, Hashi could become a prominent institutional bridge for BTC liquidity on Sui; if they don’t, the commitments will look a lot more like intent than impact.